After almost two months since President Joe Biden signed an executive order to forgive some student loans for many Americans, the U.S. Department of Education has officially launched a website accepting applications for student loan forgiveness. Biden announced the action on August 24, 2022.

Under the program, those with federally guaranteed student loans can have up to $20,000 of their eligible student loan debts forgiven, depending upon certain qualifying factors. Those who had also received Pell Grants, which are for lower-income students, can have up to $20,000 forgiven, while non-Pell Grant recipients can have up to $10,000 in debts forgiven.

However, in both cases, the borrowers are only eligible if they have individual income under $125,000 (or $250,000 for married couples).

The website for applying for student loan forgiveness is:

The Biden administration had made the effort part of its campaign, citing the rising costs of higher education. The order also cuts undergraduate student loan payments in half, based on a new income-based repayment plan. The plan caps monthly payments for these loans at five percent “of a borrower’s discretionary income.”